Intel Secures Around $8 Billion In New CHIPS Act Grants, Potentially Leading To a Financial Revival
Intel and the Biden government have reached a "pivotal" agreement on the Chips Act, as Team Blue now secures up to $7.86 billion in direct funding.
Intel's Desperate Attempts To Get Its "CHIPS Act" Funds Released Has Now Paid Off, Apparently Showing The Confidence of US on Team Blue
[Press Release]: Intel Corporation and the Biden-Harris Administration announced today that the U.S. Department of Commerce and Intel have reached an agreement on terms to award the company up to $7.86 billion in direct funding for its commercial semiconductor manufacturing projects under the U.S. CHIPS and Science Act.
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The award will support Intel’s previously announced plans to advance critical semiconductor manufacturing and advanced packaging projects at its sites in Arizona, New Mexico, Ohio, and Oregon. Intel also plans to claim the U.S. Treasury Department’s Investment Tax Credit, which is expected to be up to 25% of qualified investments of more than $100 billion.
The announcement demonstrates the U.S. government’s confidence in Intel’s essential role in building a resilient, trusted semiconductor supply chain on domestic soil. Since the passage of the CHIPS and Science Act more than two years ago, Intel has announced plans to invest more than $100 billion in the U.S. to expand chipmaking and advanced packaging capacity and capabilities critical to economic and national security.
The historic investments will support tens of thousands of jobs, strengthen U.S. supply chains, foster U.S.-based R&D, and help ensure American leadership in cutting-edge semiconductor manufacturing and technology capabilities.
The award follows the previously signed preliminary memorandum of terms and the completion of Commerce’s due diligence, in addition to the announced investment tax credit. The final total award is less than the proposed preliminary
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